Standard Pacific Raises Profit Outlook for 2005
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Irvine-based home builder Standard Pacific Corp. raised its guidance for 2005 after reporting that its earnings in the fourth quarter rose 74% on higher margins.
The Irvine company reported net income of $139 million, or $4.01 a share, compared with $79 million, or $2.33, a year earlier. Revenue rose 46% to a record $1.2 billion.
The builder also reported a record number of new-home orders for the period ended Dec. 31 of 2,486.
Standard Pacific now expects to earn $10.50 a share in the current year, up 16% from its previous forecast.
-- Annette Haddad
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